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2022 Iowa Code
Title XIII - COMMERCE
Chapter 554 - UNIFORM COMMERCIAL CODE
Section 554.9329 - Priority of security interests in letter-of-credit right.
Universal Citation: IA Code § 554.9329 (2022)
554.9329 Priority of security interests in letter-of-credit right.
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
1. A security interest held by a secured party having control of the letter-of-credit right under section 554.9107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
2. Security interests perfected by control under section 554.9314 rank according to priority in time of obtaining control.
2000 Acts, ch 1149, §49, 187
Referred to in §554.9322
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